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If This Credit Trading Thing Doesn’t Work Out, Citi Employees In London Have A Career In Gift Wrapping To Fall Back OnBy Bess Levin
If You Think You Were Unfairly Fired From Your Banking Job And Work In The UK, You’ve Got Two OptionsBy Bess Levin
1. Get over it. 2. Get over it. UK judges couldn’t give less of a fuck. Read more »
Employees are said to be expecting something resembling a massacre tomorrow around 10 or so, depending on when people roll into the office. Read more »
Relatedly, Goldman is looking to increase its ranks of junior mistmakers. Read more »
Repentant British Banks Forcing Clients To Transport Themselves To Olympics, Stay In What Is Basically The Equivalent Of Motel 6, Drink Olde EnglishBy Bess Levin
Time was, working on Wall Street meant going to great lengths to lavishly entertain clients whose business you wanted to win or keep. Client wanted to party on a yacht with forty Brazilian hookers? You made it happen. Client wanted Jay-Z to perform at his son’s Bar Mitzvah? You were on it. Client wanted you to manipulate Libor while simultaneously hand feeding him grapes? All you wanted to know was red or green.
Whatever they wanted you delivered and then some and the best part was nobody said anything about it. Nobody judged, nobody protested, nobody wondered if flying to Hyōgo Prefecture to personally slaughter a cow and bring it back with you in business class so the client’s dinner would be fresh was the best use of company money. Then you nearly take down the global financial system and have to be bailed out by the government and all of a sudden it’s like people think they have the right to count your (or in the case of banks still partially owned by the UK, their) money.
So you scale back the big outings. You make less of a spectacle. Should’ve be enough to get ‘em off your backs, only it’s never enough with these people. They’re not happy until you’re taking clients to Applebee’s and suggesting getting one appetizer and splitting an entrée, or inviting them to major international sporting events and then denying them black car service, putting them up in relative dumps, and making them drink malt liquor. Which is more or less what one bank is doing. Read more »
Post LiborGate, Area Investment Advisor Doesn’t Think He’s Being Extreme In Suggesting We Relaunch The Revolutionary WarBy Bess Levin
As long ago as June 2008, New York Federal Reserve President Timothy F. Geithner was warning the Bank of England that letting bankers set the benchmark interest rate for global finance was open to abuse. Governor Mervyn King’s failure then to take greater responsibility for Libor now poses a new threat to London’s drive to rival New York in the battle for a larger share of a shrinking international financial industry. “As a company, we now avoid London,” said David Kotok, who manages about $2 billion as chief investment officer at Cumberland Advisors Inc. in Sarasota, Florida. “It’s tarnished. Passing the buck to others, shirking responsibility and avoiding accountability characterizes the people at work there.” [Bloomberg via Heidi Moore]